Will You Adapt And Cope With Changing Technology?

I remember my boss complaining that electronic ignition was going to destroy our business back in the mid-'70s. "They are taking away our tune up business," he would say. In some ways, he was right. Technology and change are things we can't control. In fact, "change" is perhaps the one thing we can count on. And, as in life, it's how we deal with change that matters.

By Joe Marconi of Elite

I remember my boss complaining that electronic ignition was going to
destroy our business back in the mid-’70s. “They are taking away our
tune up business,” he would say. In some ways, he was right.

Technology and change are things we can’t control. In fact, “change” is
perhaps the one thing we can count on. And, as in life, it’s how we
deal with change that matters.

I guess the blacksmiths of late 1880′s viewed their future with
apprehension. Those that aligned themselves with the horse and carriage
faded into oblivion, those that viewed themselves as people who could
adjust to the change, became our first mechanics.

We are at a critical crossroads again. Hybrids, electric cars, hydrogen
cars and other new technologies will bring great changes to the
automotive world. How will we cope with these changes?

In the mid 1980′s, Smith Corona, a 100-year-old type writer company,
vowed to never abandon what made them so successful; the typewriter. In
1995, Smith Corona filed for bankruptcy. Smith Corona looked to the
past, when it should have been looking to the future: The Personal
Computer Age.

To secure your future, look to the future. There you will find
opportunity. Oh, it will be different, but there will be opportunity
for those who adapt.

It is not the strongest of the species that survive, nor the most intelligent, but the ones most responsive to change.
— Charles Darwin

This article was contributed by Joe Marconi. Joe is one of the 1-on-1 business coaches who helps shop owners through the Elite Coaching Program, and is the co-founder of autoshopowner.com.

When Your Shop Is Worth Much More Than You Thought

Although every sale of a shop in which I am involved has its own unique set of circumstances, which makes my job both very interesting and very challenging, Cowden Automotive stands out as particularly memorable because I was able to demonstrate to the long-time owner, Paul Cowden, that his business was worth about three times what he had initially thought.

Case Study: Owner of San Francisco-based Import Service Shop Delighted to Discover Just How Valuable His Business is to Qualified Buyers
I sometimes share case studies of the clients I have been able to assist in my role as an aftermarket business broker and provider of intermediary and advisory services. I do that when I think the story will provide a reader in similar circumstances with new insights or helpful information.
In the case of Cowden Automotive, Inc., I acted in a consulting capacity assisting the owner and his broker in valuing the business, creating a marketing plan, finding a qualified buyer, and arranging financing for the sale.
Although every sale of a shop in which I am involved has its own unique set of circumstances, which makes my job both very interesting and very challenging, Cowden Automotive stands out as particularly memorable because I was able to demonstrate to the long-time owner, Paul Cowden, that his business was worth about three times what he had initially thought.
Needless to say, delivering that kind of good news to a shop owner is a rewarding experience. Discovering that the sale of his business would result in his retirement nest-egg being substantially larger than he had ever thought was a fitting tribute to someone who had spent his entire working career as a busy automotive service shop owner.

Read Full Article